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River Financial Corporation has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net income to $8.7 million from $5.9 million in the same quarter the previous year. This increase is attributed to higher net interest income and noninterest income.
Net interest income for the quarter was $24.0 million, up from $20.0 million in the previous year, with the increase driven by higher yields on loans.
Noninterest income rose to $4.5 million from $3.9 million, primarily due to increased service charges and fees.
Noninterest expense increased to $15.7 million from $15.1 million, with salaries and employee benefits being the largest component.
River Financial reported a provision for credit losses of $1.33 million for the quarter, slightly up from $1.31 million in the previous year, reflecting continued strength in loan performance.
Total assets increased to $3.5 billion from $3.2 billion at the end of 2023, with loans growing by $183.7 million.
Deposits rose to $3.04 billion, an increase of $308.2 million, funding a majority of the loan growth.
Stockholders’ equity increased to $233.3 million from $198.3 million, driven by retained earnings and a decrease in accumulated other comprehensive loss.
River Financial's capital ratios remain above regulatory requirements, with a total capital ratio of 13.26% and a Tier 1 capital ratio of 10.40%.
The company does not anticipate any significant changes in its business strategy or financial condition in the near future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the River Financial Corp quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.